The Grand Court of the Cayman Islands issued a ruling in favor of Ahmad Hamad Algosaibi & Brothers (AHAB) requiring Maan Al Sanea to pay AHAB US$2.5 billion, the amount requested by AHAB as an interim payment.
In a 35-page ruling the Chief Justice found that AHAB would be entitled to recover at least 2.5 billion.
The Court's award was based on what it termed "compelling" evidence of "a pattern of massive payments to [Al Sanea's] Saad Group (at times running at an average of well over US$1 million per day)." The Court found these payments, which were directed by Al-Sanea, to be "inexplicable having regard to the nature of AHAB's business" and declared that AHAB's allegations that Al-Sanea misappropriated billions of dollars were "now deemed proven against Mr. Al Sanea."
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